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Daily Market Analysis By FXOpen in Fundamental_697bdb568da29

Daily Market Analysis By FXOpen

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USD/JPY Rate Updates the High of the Year
Daily Market Analysis By FXOpen in Fundamental_8yeIcC2

Yesterday, USD/JPY hit 146.74 for the first time since November 2022. The rise in the rate is facilitated by the growing gap in the policies of central banks: while the Bank of Japan has kept the rate below zero since 2016, the Fed has been raising rates since the spring of 2022.

Moreover, on Friday, Powell said the Fed is ready to continue to remain tough in the fight against inflation. According to CME's FedWatch tool, there is now a 62% chance of a rate hike at the Fed's November meeting, up from 42% a week earlier.

However, the limiting factor for the USD/JPY rate is the power of the Japanese Ministry of Finance. Last year, when the market was at current levels, the authorities intervened in the foreign exchange market, lowering the rate to 140 yen per US dollar.

The USD/JPY chart shows that:

→ the price con tinues to move within the ascending channel;
→ on Friday, during Powell's speech, the median line was tested, confirming its influence as a support;
→ former resistance at 144.8 also provides support;
→ if the trend continues, the rate may reach the upper limit of the channel ? that is, the psychological mark of 150 yen per US dollar.

Daily Market Analysis By FXOpen in Fundamental_EjRgyWq

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#961 - August 29, 2023, 10:04:35 AM

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When Will the Rate Hikes Stop? The Fed Ploughs on at Jackson Hole Despite Economic Progress
Daily Market Analysis By FXOpen in Fundamental_xlZ8YjS

The United States Federal Reserve's consistent dialogue regarding interest rate increases has captured the attention of economists, policymakers, and financial markets worldwide.

Against the backdrop of a US economy that has shown remarkable resilience over the past two years, discussions surrounding interest rates have become a focal point of speculation and analysis. This article delves into the factors driving the Federal Reserve's decisions, the global context, and the implications for the US Dollar.

Steady US Economy and Debt Dynamics

The US economy's performance over the past two years has been characterised by steady growth and surprising resilience, given the substantial national debt that the country holds. Despite occasional fluctuations and challenges, the overall trajectory has been positive. The ability of the US economy to maintain its stability can be attributed to factors such as robust consumer spending, a strong labour market, and the government's targeted fiscal policies.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#962 - August 29, 2023, 10:08:07 AM

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Bitcoin Trading Volumes Fell to a Minimum of 4 Years
Daily Market Analysis By FXOpen in Fundamental_zMwWhnj

CNBC, citing CryptoQuant agency, reports that:

→ the total volume of bitcoins held on all cryptocurrency exchanges is at its lowest level since 2019;
→ as of August 26, the volume of bitcoin trading on all exchanges was about 130k BTC;
→ a maximum of 3.5 million BTC were traded in 1 day.

Perhaps the decrease in trading volumes is due to a drop in interest due to the uncertainty with the regulation of cryptocurrencies, or the fading of the bullish trend that began from the early days of 2023.

According to JP Morgan analysts, a decrease in open interest may indicate that the price of bitcoin is near a significant low, but the BTC/USD chart suggests that the bearish trend may continue. This is indicated by the descending channel, the outlines of which are becoming clearer.

Daily Market Analysis By FXOpen in Fundamental_8oftkSp

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#963 - August 29, 2023, 12:03:13 PM

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European Currencies Hit New Lows, Precious Metals on the Rise
Daily Market Analysis By FXOpen in Fundamental_2CYGr6a

European currencies, along with the yen and commodity currencies, came under pressure again last week. After Jerome Powell's hawkish talk at the Jackson Hole symposium, GBP/USD fell below 1.2600, EUR/USD broke support at 1.0800, and USD/JPY came close to 2023 extremes near 147. In the event of a breakout of these levels, the upward movement of the USD may increase sharply, which will lead to exponential growth. Conversely, a rebound from current levels could lead to a full-blown correction in almost all directions.

GBP/USD

The British currency, which is sensitive to the risky mood of market participants, broke through important support at 1.2600 last week and set a new August low at 1.2540. Jerome Powell's statements about the Fed's readiness to further raise the rate, if necessary, sharply strengthened the dollar, contributing to the collapse of GBP/USD. Nevertheless, at the beginning of the current five-day trading period, buyers of the pound managed to return the pair above 1.2600 and at the moment they intend to test 1.2700. If bulls meet serious resistance near the range of 1.2600-1.2700, another downward impulse may occur, the target of which will be a test of 1.2400-1.2200. If the pair gains a foothold above 1.2700, the resumption of growth to 1.3000-1.3100 may happen.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#964 - August 29, 2023, 12:05:54 PM

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EUR/USD Accelerates Gains from 2.5-month Low
Daily Market Analysis By FXOpen in Fundamental_oKaOZP4

This was facilitated by disappointing data on the US labor market. According to the Bureau of Labor Statistics, the number of new vacancies has fallen sharply: actual ?  8.8 million, forecast ? 9.4 million new vacancies. The last time the value of the indicator fell below 9 million was in the spring of 2021.

The news came as a big surprise, which sent the dollar index down sharply. Accordingly, USD-denominated shares and gold rose, as well as exchange rates traded against the dollar.

Daily Market Analysis By FXOpen in Fundamental_Qs9Xz8d

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#965 - August 30, 2023, 10:09:28 AM

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Daily Market Analysis By FXOpen in Fundamental_6803a6c52eb12
#966 - Today at 02:04:00 PM

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EUR/USD Starts Recovery, USD/CHF Dips Below Support
Daily Market Analysis By FXOpen in Fundamental_7GuCrBT

EUR/USD started a recovery wave above the 1.0830 resistance. USD/CHF is showing bearish signs below the 0.8830 resistance zone.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

  • The Euro gained pace after it broke the 1.0830 resistance against the US Dollar.
  • There was a break above a key bearish trend line with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.
  • USD/CHF is consolidating losses below the 0.8810 resistance.
  • There was a break below a contracting triangle with support near 0.8830 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0770 level. The Euro even cleared the 1.0800 barrier to move into a bullish zone against the US Dollar.

Besides, there was a break above a key bearish trend line with resistance near 1.0800. It opened the doors for a move above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0880 resistance.

Daily Market Analysis By FXOpen in Fundamental_E1BRQ3E

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#966 - August 30, 2023, 10:12:08 AM

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FTSE 100 Goes on Massive Rebound! Marks & Spencer's Resurgence Sparks Optimism
Daily Market Analysis By FXOpen in Fundamental_0cyDxee

The FTSE 100 index, a prominent benchmark of the UK stock market, has witnessed a remarkable turnaround in recent days. After a month-long decline that saw the index drop from 7,700 points on July 31 to as low as 7,262 points by mid-August, a sudden shift has propelled it to its highest point in five days, exceeding 7,503 points. This article employs technical analysis to dissect the factors contributing to this rebound and highlights the potential impact of Marks & Spencer's resurgence on the FTSE 100's performance.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#967 - August 30, 2023, 02:21:01 PM

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The US Dollar Is Correcting in Anticipation of US GDP Data Publication
Daily Market Analysis By FXOpen in Fundamental_uRLRQve

The sharp strengthening of the American currency was replaced by a no less sharp corrective rollback. But whether this will be the beginning of a full-scale correction, we will see after the publication of important data for this week. In the coming trading sessions, the US GDP for the Q2, ADP Employment Change, as well as the NBS Non-manufacturing PMI in China will be released. These macroeconomic data are very important for market participants and can both reinforce existing trends and contribute to a reversal.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#968 - August 30, 2023, 02:23:48 PM

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BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat
Daily Market Analysis By FXOpen in Fundamental_Sv94gzg

On Tuesday, the price of bitcoin rose sharply from around USD 26,000 to USD 28,000 per coin. This was due to a ruling by the US District of Columbia Court of Appeals that said the Securities and Exchange Commission (SEC) was wrong to reject Grayscale's application to convert its Bitcoin Trust (GBTC) into a BTC Spot Exchange-traded Fund (ETF). A spot ETF would allow investors to access the leading cryptocurrency without actually holding BTC.

The SEC has repeatedly rejected Bitcoin spot ETF applications in the past, citing market manipulation concerns. But the court said the SEC failed to adequately explain its refusal to grant Grayscale's ETF bid, to the delight of the cryptocurrency community.

Daily Market Analysis By FXOpen in Fundamental_bFYjz34

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#969 - August 31, 2023, 10:07:00 AM

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The Price of Gold Rose by 3% in 10 Days
Daily Market Analysis By FXOpen in Fundamental_bqOxM5G

Back on August 21, gold was trading below USD 1,890 an ounce, but to date, its price has risen by about 3%. This was helped by published data on the number of vacancies in the US, which fell to the lowest level in almost 2.5 years in July. This and other signals of a slowdown in the US economy may influence the Fed's decision to continue raising interest rates further, which weakens the US dollar and supports the price of gold.

Bullish arguments:

→ the psychological barrier of USD 1,900 serves as an important support. The price of gold was there for only a few days, after which a steady increase followed.

→ The USD 1,920 resistance level was taken under control by the bulls after the breakdown on August 28-29. Now we can expect that there will be support here.

→ If a moderate decline on low volumes follows in the coming days, this will be a sign of a normal correction in a bull market

Daily Market Analysis By FXOpen in Fundamental_O0U9f2R

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#970 - August 31, 2023, 10:09:09 AM

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Gold Price and Crude Oil Price Turn Green
Daily Market Analysis By FXOpen in Fundamental_KmZYJiR

Gold price is showing positive signs above the $1,925 pivot level. Crude oil price is rising and it could climb further higher toward the $85 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a fresh increase above $1,920 and $1,925 against the US Dollar.
  • A key bullish trend line is forming with support at $1,932 on the hourly chart of gold at FXOpen.
  • Crude oil prices are also moving higher above the $82.00 resistance zone.
  • There is a connecting bullish trend line forming with support near $82.80 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price started a fresh increase from the $1,900 zone. The price was able to clear the $1,925 resistance to move into a bullish zone.

There was a steady increase above the 50-hour simple moving average. Finally, the bears appeared near $1,950. The price is now correcting gains below the $1,942 level and the 50-hour simple moving average.

The RSI is back below 50 and the price is testing the 23.6% Fib retracement level of the upward move from the $1,903 swing low to the $1,950 high. There is also a key bullish trend line forming with support at $1,932.

If the bulls remain active, the price could start a fresh increase. Immediate resistance is near the 50-hour simple moving average at $1,942. The next major resistance is near the $1,950 level. An upside break above the $1,950 resistance could send Gold price toward $1,965. Any more gains may perhaps set the pace for an increase toward the $1,980 level.

Initial support on the downside is near the $1,938 level. The first major support is near the trend line at $1,932. The main support is near the 50% Fib retracement level of the upward move from the $1,903 swing low to the $1,950 high at $1,925.

If there is a downside break below the $1,925 support, the price might decline further. In the stated case, the price might drop toward the $1,905 support.

Daily Market Analysis By FXOpen in Fundamental_7g3E9C8

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#971 - September 01, 2023, 10:07:58 AM

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USD/CNH Falls Amid Chinese Economic Stimulus
Daily Market Analysis By FXOpen in Fundamental_V2xD8CF

Since January, the Chinese yuan has weakened more than 9% against the US dollar due to problems in the Chinese economy, as evidenced by statistics, as well as the bankruptcy of the developer Evergrande.

And today, the People's Bank of China announced that it will reduce the required foreign exchange reserve ratio to 4% from 6%, starting September 15. The move is seen as aimed at slowing down the yuan's fall.

Also, 5 major banks in China are cutting mortgage rates, possibly to reduce the risks of Country Garden going bankrupt.

According to analysts reported by Reuters, the measures taken may be only a temporary solution, but will lead to an increase in problems in the long term.

Daily Market Analysis By FXOpen in Fundamental_0Gdz6Oc

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#972 - September 01, 2023, 10:25:51 AM

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Watch FXOpen's 28 August - 1 September Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: FTSE 100, RATE HIKES, BTC, HPQ

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • FTSE 100 Goes on Massive Rebound! Marks & Spencer's Resurgence Sparks Optimism
  • When Will the Rate Hikes Stop? The Fed Ploughs on at Jackson Hole Despite Economic Progress
  • Bitcoin Trading Volumes Fell to a Minimum of 4 Years
  • Shares of HPQ Fall Sharply after Report

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.

Daily Market Analysis By FXOpen in Fundamental_yQVWrLu


FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo
#973 - September 02, 2023, 11:43:01 AM

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GBP/USD and EUR/GBP Show Signs of Weakness
Daily Market Analysis By FXOpen in Fundamental_9fGvcRT

GBP/USD failed to climb above 1.2750 and trimmed all gains. EUR/GBP is declining and trading below the 0.8580 pivot level.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

  • The British Pound is attempting a fresh increase from 1.2580.
  • There is a key bearish trend line forming with resistance near 1.2655 on the hourly chart of GBP/USD at FXOpen.
  • EUR/GBP is declining and showing bearish signs below 0.8580.
  • There is a major bearish trend line forming with resistance near 0.8560 on the hourly chart at FXOpen.

GBP/USD Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_HDtzW9W

On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2745 zone. As mentioned in the previous analysis, the British Pound struggled to recover and declined below the 1.2655 support level against the US Dollar.

The pair even tested the 1.2580 support zone. A low was formed near 1.2577 and the pair is now attempting a fresh increase. There was a move above the 1.2600 zone and it is now testing the 23.6% Fib retracement level of the downward move from the 1.2702 swing high to the 1.2577 low.

On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2620. The next major resistance is near a bearish trend line at 1.2655 and the 50-hour simple moving average.

The trend line is close to the 61.8% Fib retracement level of the downward move from the 1.2702 swing high to the 1.2577 low. A close above the 1.2655 resistance zone could open the doors for a move toward 1.2700.

Any more gains might send it toward 1.2745. If not, the pair could resume its decline below 1.2600. On the downside, there is a key support forming near 1.2580.

If there is a downside break below the 1.2580 support, the pair could accelerate lower. The next major support is near the 1.2550 zone, below which the pair could test 1.2500. Any more losses could lead the pair toward the 1.2450 support.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#974 - September 04, 2023, 07:48:00 AM

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Economic Calendar: US PMI Data, Stock Market Decline, and Oil Surge
Daily Market Analysis By FXOpen in Fundamental_tdLR4xR

After falling for the majority of August, stocks managed to rally in the last week of the month. The Nasdaq Composite surged by over 3%, the S&P 500 increased by 2.5%, and the DJI rose by 1.4%. History says September is primarily the worst period for the American stock market ? the S&P 500 and Nasdaq usually go down this month. However, some analysts believe that a downward shift in consensus views on inflation and its risks may change the market sentiment to positive.

Daily Market Analysis By FXOpen in Fundamental_Q7pP6Kl

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#975 - September 04, 2023, 07:53:42 PM
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